February unemployment drops to 5.3 per cent

Malta’s unemployment rate fell to 5.3 per cent in February, according to figure released by the National Statistics Office yesterday.
Over the month the number of registered unemployed decreased by 172 persons when compared to the preceding month. In comparison to February 2002, the registered unemployed decreased by 234. Accordingly, the registered unemployed amounted to 7707, while the unemployment rate stood at 5.3 per cent in February 2003.
In February 2003, the administrative records of the Employment and Training Corporation (ETC) indicated an increase of 52 persons in the labour supply over the previous month. Actually, the full-time gainfully occupied population increased by 224 persons in February 2003 when compared to the previous month and by 330 when compared to the same month last year.
The number of self-employed persons remained stable in February 2003 in comparison to the previous month. However, an increase of 123 self-employed persons was recorded over February last year.
When compared to the previous month, the private direct production sector remained stable. With over 28,000 employees, the industrial base of Malta has maintained its stability since the late 1980s.
In February 2003, the private market services sector increased its employment levels over the previous month by 562 persons to 51,379. It increased by 1,550 when compared to the same month last year. Accordingly, the private market services sector account for 37.3 per cent of the full-time gainfully occupied population.
In contrast to what is happening in the private market services sector, the public sector reduced its workforce by 387 person in February 2003. Much of the drop in employment which occurred in the public sector during February affected companies with public sector majority shareholding.